Insurance Plans 132 views November 9, 2020

Purchasing a life insurance policy isn’t that simple as it seems. You need to plan the premium payment so that you can pay on time. Plus, there can be several terms and conditions regarding the premium payment. Such terms and conditions are also prevalent when taking life insurance from SBI Life Insurance Corporation Ltd. Plus, there are different SBI Life Insurance premium payment services for the policyholders to avail of. Let’s read this post to know about all.

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Online SBI Life Insurance Premium Payment

To pay your SBI Life Insurance Policy Premium, you can use the following services of the life insurance company:-

Internet Banking

With an internet banking customer of State Bank of India or any of the SBI Life partner banks, you can enjoy the convenience of online payments. Here, all you need to do is add the SBI Life as your biller by providing the SBI Life Insurance Policy details. Alternatively, policyholders can register through billdesk.

Once verification is done, this online SBI Life Insurance Premium Payment service will be activated, and your premium due advice will be sent to the banker. Your SBI Life premium bill will be displayed once you log in, indicating the due date and the due amount. With this, you can choose to pay the premium immediately or schedule its payment before the due date.

SBI Life website

Now, conveniently pay the premium on the SBI Life website. Here, you can make the payment with your Visa, Master, American Express, Diners Credit Card, or via the internet banking account with the partner banks.

For this, you do not need to register and there is no extra charge for premium payment through the website. If you are a registered customer of the My Policy self-service portal, you can pay the premium by just logging in to My Policy account. If you are a non-registered customer, you can visit the SBI Life official website and make the payment.

With this service, SBI Life Insurance premium payment can be made instantly in advance within 30 days from the premium due date. However, if you are unable to pay the premium on the due date, you can still play it online for up to 5 months and 25 days from the first premium due date. You will get a receipt for every successful transaction – Success Report and a Premium Acknowledgement Receipt. SBI Life Renewal Premium Receipt is sent after the adjustment or allocation of your policy premium.

Visa BillPay

This service is for the credit card users who hold a Visa credit card that has been issued in India. For this, you can register for paying a premium through Visa BillPay. To register login to Visa BillPay’s official website, add SBI Life in your biller, and provide the policy details. After verification, this SBI Life Insurance Premium Payment service will be activated and the premium bill is displayed in your log-in along with the due date and the due premium amount. Here, also you can either choose to pay the premium immediately or schedule the payment.

‘SBI Life Easy Access’ Mobile Application

Pay your renewal premium for SBI Life Insurance Policies by using the Easy Access Mobile Application. Download the ‘SBI Life Easy Access’ Mobile App on your Android phones or iPhones. Open the app and click on the ‘Renewal Premium Payment’ option on the Home Page. Submit your Policy Number, Date of Birth, and Email ID. After that, your payment acknowledgment will be sent to your Email ID.

E-Wallet

There are some other online methods by which you can make SBI Life Insurance Premium Payments. These are wallet payment methods that many are adopting.

SBI Buddy

SBI Buddy was launched in the year 2015. This app comes in 13 languages with MasterCard as service providers and Accenture as a technology partner. SBI had over 12.505 million registered e-wallet users as per the report of 2016-17. And today, you will learn how to do the SBI Life Insurance Premium Payment with this app. Below are the following steps that you need to follow:

  1. Download the SBI Buddy App on your mobile phone
  2. Click on the ‘Recharge & Bill Pay’ option
  3. Select the ‘Bill Pay’ option
  4. Select Biller category
  5. Choose ‘Insurance’ and choose ‘SBI Life Insurance’ as your biller
  6. After that, enter your Policy Number, Date of Birth and complete the payment process

Once the necessary validations are done, the money will be deducted from your SBI Buddy wallet and get credited to your SBI Life policy in real-time.

Jio Money Wallet

It is a semi-closed prepaid wallet for mobile-based transactions where customers can store money and use it for payment later. With this Jio Money digital wallet app, you can do cashless payments through their smartphones following the steps shown below:

  1. Download the ‘Jio Money’ App on your mobile phone
  2. Click the ‘Recharge & Bill Pay’ option
  3. Go to the ‘Bill Pay’ option
  4. Select SBI Life as your biller from the category of ‘Insurance’
  5. Enter the Policy Number, Date of Birth and complete the process

After the required validations, the money will be deducted from your Jio Money Wallet and get credited to your SBI Life policy in real-time.

Paytm

Paytm is India’s largest mobile payments and commerce platform currently, you can transfer money instantly at zero cost with a Paytm wallet. You could also use it to pay for online SBI Life Insurance Premium Payment on the Paytm app or website. Just follow the steps below:-

  1. Download the ‘Paytm’ App on your mobile phone
  2. Click on the ‘Insurance’ option
  3. Select ‘Pay existing insurance premium’
  4. Choose ‘SBI Life Insurance’
  5. Enter your Policy Number and Date of Birth to complete the transaction

The required validations are conducted for this and later money will be deducted from your Paytm Wallet and credited to your SBI Life policy, all in real-time.

Online Standing instruction on credit card

Apart from the above-mentioned online SBI Life Insurance Premium Payment methods, another mode of premium payment is the Standing Instruction (SI) against your VISA or MasterCard. To activate this payment option –

  1. You will first select the payment gateway of Billdesk
  2. Then select ‘Pay through Credit Card’
  3. Select the “One Time Payment + Standing Instruction (SI)” option

And it will be activated within 3-4 days and debits will begin from the next due date.

Note: SBI Life does not accept premium payment through Credit Cards issued outside India

Offline SBI Life Insurance Premium Payment

If you are not tech-savvy and prefer the old premium payment methods, don’t worry! You can use the following offline SBI Life Insurance Premium Payment methods.

SBI Life branch

Make your premium payment via cheque or demand draft at your nearest SBI Life branch. This facility is available at all the SBI Life branches across India only for the registered customers. The cheque or demand draft should be in favor of “SBI Life Insurance Company Ltd. Don’t forget to mention your policy number and your contact number on the reverse of the cheque or demand draft.

Post or Courier

You can submit your cheque or demand draft for premium payments to any of the SBI Life branch offices by post or courier. For this service, a receipt acknowledging your payment will be sent to your communication address directly. This will mean a successful SBI Life Insurance Premium Payment.

SBI Life Insurance Premium Payment in Cash (at the Authorized Centers)

Common Service Centres (CSCs) – You can pay the premium amount in cash up to INR 49,999 at any of the Common Services Centers across India. The list of centers is available on government CSCs official website, as implemented under the National e-Governance Plan (NeGP) of Govt. of India

Karur Vysya Bank Branches – You can pay the premium amount in cash up to INR 50,000 through a direct debit facility at all the branches of Karur Vysya Bank across India. For the list of branches visit Karur Vysya Bank’s official website.

AP or MP Online – The residents of Madhya Pradesh or Andhra Pradesh can do SBI Life Insurance Premium Payment in cash up to INR 50,000 at any MP Online or AP Online outlets as per your residence location. For branch locations visit the AP Online or MP online official websites.

Auto Debit Via NACH

To use an offline auto-debit facility, you can use the National Automated Clearing House (NACH). To activate this facility, you need to submit the following documents at the nearest SBI Life branch office:

  1. A duly filled Mandate form
  2. Bank Account proof (such as a canceled cheque or account statement)

The policyholder can also mail the above documents to SBI Life communication address – SBI Life Insurance Co. Ltd, Central Processing Centre, 8th Level, Seawoods Grand Central, Tower 2, Plot No: R-1, Sector 40, Seawoods, Nerul Node, Navi Mumbai- 400706

The National Payments Corporation of India (NPCI) implemented NACH service for Banks, Financial Institutions, Corporates, and Government. This is a web-based solution that facilitates interbank, high volume, electronic transactions that are repetitive and periodic. All the banks in India come under the purview of NACH from 1st April 2016, as per NPCI and RBI instructions. Thus it replaces the current Electronic Clearance System (ECS) of auto-debit.

Direct debit

To set up an auto-debit of SBI Life Insurance Premium Payment from your bank account on your due date. This direct debit facility is available to the account holders of State Bank of India (SBI), Axis Bank, CITI Bank, ICICI Bank, Bank of Baroda (BOB), Union Bank of India (UBI), Bank of India (BOI), IndusInd Bank, Punjab National Bank (PNB) and Kotak Bank. The facility can be availed if you submit the following documents at any of SBI Life branch offices or mail it to the communication address.

  1. Duly filled Mandate form
  2. Canceled cheque
  3. State Bank ATM

Pay premiums for your SBI Life Insurance policy through all State Bank ATMs. To do so, follow these simple steps and make payment at the ATM:

  1. Insert your debit/credit card
  2. Go to ‘Services’
  3. Select ‘Bill Pay’
  4. Select ‘SBI Life Insurance’
  5. Enter Policy Number and Date of Birth
  6. And Make Payment
  7. POS terminal at SBI Life branch

An easy renewal premium payment option for the SBI Life Insurance Policies is via Debit Card (Maestro) or Credit Card (VISA and Master) at Point of Sales (POS) terminals at the selected SBI Life branches. This facility is currently available in 204 locations only. For any further information related to SBI Life Insurance premium payment, call the Toll Free Number 1800 22 9090, email at info@sbilife.co.in, or write at our communication address which is SBI Life Insurance Co. Ltd, Central Processing Centre, 8th Level, Seawoods Grand Central, Tower 2, Plot No: R-1, Sector 40, Seawoods, Nerul Node, Navi Mumbai- 400706

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